China: IT Ministry To Create Committee For Blockchain Standards, Domestic And International

It appears that the Chinese Ministry of Industry and Information Technology (CMIIT) has set its sights on improving the development and standardization of the local technology sector, including the controversial Blockchain.

This comes from a document released on March 23rd, which states that the CMIIT seeks to “promote the establishment of […] the National Blockchain Distributed Accounting Technology Standardization Committee.” This committee is envisioned to be a recommending body for standards “in Blockchain reference architectures, data format specification, interoperability, and smart contracts.”

Other standards to be created are for “going out,” such as participating and cooperating in the creation of international standard when it comes to Blockchain use. Later on, CMIIT then announced that it had just concluded a forum delving into the use of Blockchain technology for the benefit of the industry sector in China. They also intend to keep at it for further developments.

It was earlier reported that a leaked document hints at a plan of the Investment Association of China (IAC), a government-backed entity, to come up with a Blockchain Investment Development Center. This will supposedly link domestic and international resources, as well as invest in Chinese Blockchain projects so as to encourage and attract foreign investments.

Meanwhile, another leaked document asserts that China will be hosting an international Blockchain summit in May 2018.